Rahman, Abdul; Khan, Muhammad Arshad; Charfeddine, Lanouar - In: Cogent Economics & Finance 8 (2020) 1, pp. 1-15
This paper investigates the impact of financial development on economic growth in Pakistan using the Markov Switching Model over the period 1980-2017. The results based on two-state Markov switching model confirm the Schumpeter's view that finance spurs growth. The result reveals that financial...